Oil giant Chevron posts first annual loss since 1980
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CHEVRON Corp posted its first annual loss since at least 1980 as the world's biggest oil companies struggle to emerge from the worst collapse in a generation. Investors punished the stock, wiping out about US$5 billion in market value.
The company had a US$497 million loss last year and failed to replace all of the crude and natural gas it pumped with new reserves, California-based Chevron said in a statement on Friday.
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